Orders for LME lead jump most in over a month – ING
|Lead prices surged after a sharp rise in LME warehouse withdrawal requests, while SHFE data shows growing inventories across major base metals, ING's commodity experts Ewa Manthey and Warren Patterson note.
Base metal inventories rise across the board in China
"Requests to withdraw lead from LME warehouses jumped by 35,225 tonnes to 74,975 tonnes, driven by requests for metal in Singapore and Taiwan. This was the biggest increase since 9 June. LME lead prices jumped more than 1.8% on Friday following the jump in orders."
"Data from the Shanghai Futures Exchange (SHFE) shows that weekly inventories for all base metals rose over the past week. Copper stocks increased by 3,094 tonnes to 84,556 tonnes as of Friday. Aluminium inventories rose by 5,625 tonnes to 108,822 tonnes, while zinc stocks increased by 9.3% WoW to 54,630 tonnes, the highest since 18 April."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.